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Tricky Rule (law?) re Universal Data Form


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Hi Folks!

Yesterday I asked my mortgage lender (a Federal level bank in California) to issue me a copy of my mortgage payment history and casually mentioned that there might be a 30 day late I wasn't aware I'd made, and that it was reported ONLY on my EXPERIAN C.R. After a long conversation, here's the conclusion:

The loan service dept.'s clerk was very cooperative but mentioned that if I tell her that there may be a problem, she is bound by law to not only issue ME a report (for $5 per yr. researched, since it's on microfiche in a vault), but MUST REPORT AGAIN MY HISTORY ON AN ELECTRONIC SYSTEM USING A "Universal Data Form" WHICH AUTOMATICALLY GOES TO ALL 4 CRAs! (The 4th is "Innovis" in Columbus, Ohio, which I never heard of.)

Since the "late" was only on my Experian, simply my verbal statement that there might be a problem would have generated that info (if confirmed as correct) on a form to all 4 CRAs, no doubt causing me further problems, since the other 3 hadn't known about the "late" before.

I politely and humorously asked her to forget my remarks and she did, smiling. We then agreed that I had simply asked for a payment history, with no remarks. Then she said she didn't have to issue a "UDF".

Also, she said if she received an inquiry about it from the CRA by phone, which was normally the case, she would verbalize the result and also not have to issue an "UDF", of which she cannot control the destination. Interesting, huh?

So, my questions:

a. Is that rule true in your experiences? and

b. Extending the principle of this, does this mean that we have to be careful about how we dispute or even inquire about things that can be disputed? If I ask Experian about an item and they ask the OC, does that get reported to all CRs? Is this new?

c. Any other feedback? Am I understanding this and what is the hidden price?

Thanks for your attention!

Tony

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I swear there's a post (I believe Xanathos posted it) stating the CRA's were no longer accepting UDF's...

It's not a law that the lender told you - it's there company policy. You are conducting a formal dispute via the CRA's, and there is nothing in the FCRA that says an OC must report any information when you dispute information with them directly.

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Thanks for your reply and your time.

I'll ask it another way, for clarity:

1. I dispute an item directly with the CRA.

2. the CRA iquires to the OC on the special "electronic" system it has.

3. The OC replies on that system by filling out a "UDF" with my info on the item.

4. That "UDF" goes just to the first CRA or to all (major CRAs)?

Thanks again...

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